Copper Shines, Gold Struggles as Investors Chase Riskier Assets
- Industrial metals’ rally points to ongoing rotation: Citi
- Investors pivot to risk assets, boosting base metals
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Copper powered to a seven-year high as the rush for growth played out in metals markets, with traditional haven gold dropping amid growing optimism for an end to the coronavirus pandemic.
Bullion extended its slide below $1,800 an ounce and copper added to a four-week surge on the back of Moderna Inc.’s announcement that it plans to request clearance for its coronavirus shot in the U.S. and Europe. The moves accelerate a pivot into risk assets in November, with global stocks heading for a record month.